Collectors turned out in force for AstaGuru’s latest auction of Indian modern and contemporary art, with works by some of the country’s most celebrated artists, Akbar Padamsee, S H Raza, M F Husain, K H Ara and others — soaring well past their pre-sale estimates. The auction delivered a string of standout results, underscoring the continued strength of the market for India’s modernist masters.
Akbar Padamsee’s “Untitled (Metascape)” (1981), a large-scale oil on canvas, emerged as the top lot of the entire sale. It sold for ₹10,94,14,831, coming in 13.38% above its high estimate — a result that speaks to the enduring collector demand for Padamsee’s celebrated Metascape series.
S H Raza had a standout evening across two separate lots. His 1990 work “Jala Bindu,” an acrylic on canvas, sold for ₹9,94,68,086, just 3.07% above its high estimate. Meanwhile, his year 2000 painting “Origin” performed even more strongly, climbing 57.20% above estimate to close at ₹4,71,58,954. Together, these results reaffirmed Raza’s position as one of the most consistently sought-after names in Indian modern art.
M F Husain’s “Untitled” (1970), an oil on canvas, sold for ₹7,08,62,440, exceeding its high estimate by 18.10% and reflecting sustained demand for the modernist master’s work.
Manjit Bawa’s “Untitled” (1997), also an oil on canvas, sold for ₹4,85,43,776, edging 7.79% past its high estimate — a steady, solid result for the artist.
J Swaminathan’s “Untitled (Bird, Tree And Mountain Series)” (1986) just cleared its estimate, selling for ₹4,55,89,502, a modest 1.23% above the high estimate, but still indicative of solid ongoing interest in his work.
Ram Kumar’s “Varanasi” (2008) more than doubled its estimate, selling for ₹1,40,30,763 — a striking 100.44% above the high estimate, underlining the strength of demand for his iconic Varanasi series.
K H Ara’s “Nartiki” (circa 1940) delivered one of the standout results of the sale, with the oil on canvas soaring 229.53% above its high estimate to sell for ₹1,31,81,399.
Madhvi Parekh’s “Untitled” (2005) proved the single biggest surprise of the auction. The oil on canvas skyrocketed 303.65% above its high estimate, selling for ₹1,00,91,251 — the largest percentage gain of the entire sale, reflecting exceptional and unexpected collector enthusiasm for her work.
Sohan Qadri’s “Untitled” (2010), a natural dye and incision on paper work, more than doubled expectations, selling for ₹86,51,500, 116.29% above its high estimate.
Bimal Das Gupta’s “Untitled” (1987), created using acrylic, pastel and charcoal on canvas, far exceeded expectations as well, selling for ₹37,97,499 — 153.17% above its high estimate.
Satish Gujral’s “Untitled” (2007), an oil on textured canvas, rounded out the sale by sailing past its estimate to close at ₹35,43,122, 18.10% above the high estimate.
Every single lot in this roundup sold above its high estimate — a striking indicator of the depth of collector interest in Indian modern and contemporary art right now. From blue-chip names like Padamsee, Raza and Husain to artists like Parekh and Das Gupta seeing outsized percentage gains, the auction reflects a market that is not just resilient but actively competitive across price bands.
For collectors and enthusiasts alike, results like these signal that the appetite for India’s modernist legacy shows no signs of slowing down.
